> For the complete documentation index, see [llms.txt](https://docs.zircofi.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.zircofi.com/introduction/glossary.md). # Glossary | Term | Definition | | ----------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | **Anchor vault** | A per-asset contract holding Stock Token and USDG inventory that quotes both sides of the market around the oracle mid. See [Anchor vaults](/protocol/anchor-vaults.md). | | **Attestation** | An Ethereum Attestation Service record binding a wallet to a role (trader, LP, maker) after off-chain verification. Carries no personal data. See [Eligibility registry](/architecture/eligibility.md). | | **Band** | The maximum distance from the oracle mid at which any fill may clear. A quote outside the band reverts. | | **Clip** | The maximum size of a single swap against a vault. Above the clip, the router quotes through RFQ. | | **Data Feeds** | Chainlink's push-based on-chain price feeds; the 24/5 equity feeds price Stock Tokens through the week. | | **Data Streams** | Chainlink's pull-based low-latency price service (v11 RWA schema). Reports carry a `marketStatus` field used for session classification. | | **ERC-8056 multiplier** | The `uiMultiplier()` value on a Stock Token reporting underlying shares per token. Dividends and splits are expressed through it, and Chainlink prices already include it. | | **Execution quality** | The signed difference between a fill price and the oracle mid at inclusion, in basis points. Published for every fill. See [Execution quality](/transparency/execution-quality.md). | | **Half-spread** | The distance between the mid and one side of a quote. ZircoFi parameters are stated as half-spreads in basis points. | | **Inventory skew** | How far a vault's holdings have drifted from its target mix. Skew moves quotes to attract rebalancing flow. | | **Maker** | An attested market maker that signs RFQ quotes off-chain and settles them atomically on-chain. | | **Mid** | The current guarded oracle price for an asset, from `OracleRouter`. All quoting starts here. | | **Quote asset** | USDG, the asset every market trades against and every fee is denominated in. | | **Regime** | The state a market is in: `OPEN`, `EXTENDED`, `CLOSED` or `HALTED`. Determines spread multipliers and clip sizes. See [Trading regimes](/protocol/trading-regimes.md). | | **RFQ** | Request for quote. Signed EIP-712 quotes from makers, valid for seconds, settled atomically by the taker. See [RFQ settlement](/protocol/rfq.md). | | **Router** | The single entry point (`SwapRouter`) that checks eligibility, compares vault and RFQ pricing and settles the better one. | | **Session** | The underlying market's state (regular, extended hours, closed), as reported by the oracle. Regimes are derived from sessions. | | **Stock Token** | A tokenized equity issued by Robinhood Assets (Jersey) Ltd: an ERC-20 debt security backed 1:1 by shares in US custody. See [Stock Tokens](/assets/stock-tokens.md). | | **Tier** | An asset's listing class (A, B or C), which sets its base spread, clip, band and caps. See [Listing framework](/assets/listing-framework.md). | | **USDG** | The Paxos Global Dollar, a MiCA-regulated stablecoin native to Robinhood Chain. See [Quote asset: USDG](/assets/usdg.md). | | **Vault share** | The ERC-4626-style token an LP receives on deposit, representing a pro-rata claim on a vault's inventory and accrued spread revenue. | --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://docs.zircofi.com/introduction/glossary.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.